SET gains, Philippine stocks extend fall

SET gains, Philippine stocks extend fall

The Stock Exchange of Thailand index slightly gains on Wednesday. (Bangkok Post photo)
The Stock Exchange of Thailand index slightly gains on Wednesday. (Bangkok Post photo)

The Stock Exchange of Thailand index slightly increased, while Philippine stocks slumped nearly 2% on Wednesday, extending falls to their lowest close since early August.

The SET benchmark index earned 1.59 points or 0.09% to close at 1,801.43, in trade worth 56 billion baht.

The Fed is widely expected to raise interest rates at its two-day policy meeting that ends on Wednesday, with the focus mainly on chairman Jerome Powell's commentary later in the global day, which may provide hints on the number of hikes for the rest of the year.

Most investors have already adjusted their positions into fixed income assets, said Rachelle Cruz, the head of research at AP Securities in the Philippines.

The Philippine Stock Exchange PSEI Index dropped 1.9% and closed below the 8,000 level for the first time since September, weighed down by financials and industrials.

SM Investments Corp fell 2%, while Ayala Land Inc declined 3.1% to its lowest close since June 2017.

The central bank's reticence to raise rates puts the country at a significant disadvantage if the peso weakens after a potential rate hike by the Fed, analysts say.

"Companies suffering in terms of margins would be consumer companies as a lot of their products are imported from other countries," said AP Securities' Cruz.

The Philippine stock index shed 4% in the three sessions through Wednesday.

Indonesian shares snapped a six-session losing streak and closed 1.1% higher, helped by consumer staples and materials.

An index of the country's 45 most liquid stocks firmed 1.1%.

Unilever Indonesia Tbk PT rose 2.6%, while Telekomunikasi Indonesia ended 1.4% higher.

Malaysian shares gained 0.5% as financials and telecom services stocks rose. CIMB Group Holdings Bhd ended 1.4% higher.

Government data showed the consumer price index in February rose 1.4% from a year earlier, below the 1.9% forecast in a Reuters poll.

Vietnam shares advanced for an eighth straight session and closed 0.9% higher on broad-based gains.

Real estate firm Vingroup JSC rose 3.7% to an all-time closing high.

Singapore shares edged lower, dragged by industrials and real estate stocks. Jardine Matheson Holdings Ltd ended down 1.8%.

Southeast Asian stock markets

 

 

Current

Previous

% change

Thailand

1,801.43

1,799.84

+0.09

Indonesia                

6,312.83

6,243,57

+1.11

Malaysia                

1,865.80

1,856.39

+0.51

Philippines                 

 7,909.07

 8,059.60

-1.87

Singapore                 

3,511.13

3,513.31

-0.06

Vietnam       

1,169.36

1,159.39

+0.86

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